Real Estate Pro Articles

HAMP Road Show Visits Ohio

[Valid RSS feed]  Category Rss Feed -
By : John Smith    99 or more times read
The Foreclosure Road show convened by 13 of America’s largest commercial banks, the Treasury Department and a posse of the more reputable foreclosure-counselors keen to get in on the act stopped off in Columbus, Ohio recently.

Here’s how a fictitious delinquent American might have experienced the show:

Mary Doe fell behind with payments after ceasing work to care for her son.

She joined 463 other Ohio citizens at the Great Columbus Convention Center queuing eagerly to learn if they could keep their homes. All were behind on mortgage payments. Some had lost jobs, some were recently divorced, and some had faced a recent family medical crisis, while others were simply just too deep into the swamp. Many had brought packs of documents along, and some were even accompanied by children, in the hopes of charity perhaps?

Mary received a brochure that explained she might qualify for reduced payments courtesy of her lender (or HAMP) if the following were true of her:

  • She was able to document a hardship case demonstrating her inability to meet her monthly mortgage payments
  • Her first mortgage was dated prior to 2nd January 2009
  • She owned and occupied her home
  • $729,751 or less was outstanding on the mortgage
  • Her payments (including insurance, tax and home association obligations) were greater than 31% of her monthly gross

The camaraderie in the queue was good, and the conversation brisk. Mary Doe got chatting with a gentleman and his wife, who’d been in the queue since daybreak. “We’ve been trying to work this out since November,” they told her. “They won’t let us talk to anyone at the bank, or every time we call they say the computer is down.” She learned he’d lost his job about a year ago.

What he told her did not map across to what she’d heard the banks say on the television – Mary Doe shivered in the cool morning air as she wondered what her chances were. Then she left the queue, and returned home disappointed.

Foreclosure is a lose-lose solution, and its failure all way the round. So why is so much of it still happening? And why have a scant 20,000 Ohioans been helped out of a population of 208,000 with troubled loans? The problem could lie in HAMP’s $729,751 debt ceiling. Could it be attracting people to the game who never had a hope in Hades of servicing their debt, even were it reduced?

When will the foreclosure crisis finally come to an end, and American households be able to sleep better in their beds at night?
Original Post: HAMP Road Show Visits Ohio on

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles